Japan firms exit Myanmar amid conflict, worsening economy
Japanese companies are pulling out of Myanmar after the military coup four years ago led to worsening violence and disrupted the economy.
Trading houses Sumitomo Corporation and Toyota Tsusho say they have started procedures to liquidate a joint venture set up in 2019 to manage a port in the country.
The port is next to the Thilawa Special Economic Zone on the outskirts of Yangon, Myanmar's largest city.
Sumitomo and Toyota Tsusho say they made the decision because the business environment has worsened since the military coup.
International human rights groups have criticized the port project. They allege a local logistical company that is a partner in the venture has ties with the military.
Other Japanese companies left Myanmar earlier. Beverage maker Kirin Holdings ended its beer business in the country in 2023.
Japanese oil wholesaler Eneos Holdings also pulled out of an oil and natural gas development project in Myanmar in the same year.
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